Ethereum

2024

Bitcoin

April

This week saw a notable increase in the <a href="https://coingape.com/halving/bitcoin-halving/" rel="noopener noreferrer nofollow">cryptocurrency market’s</a> volatility, spurred on by the anticipation of the upcoming <a href="https://coingape.com/halving/bitcoin-halving/" rel="noopener noreferrer nofollow">Bitcoin Halving</a> event. The early week recovery in the market reverted quickly on the weekend as the BTC price fell to a low of $65133 on Friday. Amid this downfall, the ETH price plunged to swing low support of $3100, seeking stable support to prevent a prolonged downfall.
Also Read: <a href="https://coingape.com/ethereum-whale-buys-121m-eth-binance-price-recovery-ahead/" rel="noopener noreferrer nofollow">Ethereum Whale Buys $121M ETH From Binance, Price Recovery Ahead?</a>
<h2 id="strong-buyers-eye-eth-s-100-day-ema-support-for-potential-recovery-strong">Buyers Eye ETH’s 100-Day EMA Support for Potential Recovery</h2>
<figure style="width: 100%" class="wp-caption alignnone"><img decoding="async" src="https://s3.tradingview.com/snapshots/b/bCQS1lgK.png" alt="BITSTAMP:ETHUSD Chart" width="1946" height="893">
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 Ethereum Price| Tradingview
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The <a href="https://coingape.com/price-predictions/ethereum-classic-etc-price-prediction/" rel="noopener noreferrer nofollow">Ethereum</a> (ETH) coin has been under a correction trend for over a month, showcasing prices dropping from $4095 to $3100, registering a 25% downfall. However, the lower level coinciding with the 38.2% Fibonacci retracement level and currently with a 100-day EMA slope creates a high area of interest(AOI) for buyers.&nbsp;
<blockquote>
 The <a href="https://coingape.com/education/ethereum-gas-fees-refund/" rel="noopener noreferrer nofollow">ETH price</a> currently trades at the $3258 mark and with an intraday gain of 0.57% it shows a long-tail rejection at $3100 support, indicating the demand pressure is intact.
</blockquote>
For buyers to sustain above this level in the coming days is crucial to indicate the sentiment of ‘buying the dip’ is intact. The renewed recovery may surge the ETH price by 14% to break the $3730 resistance, followed by a prior swing high of $4100.
Also Read: <a href="https://coingape.com/markets/crypto-price-prediction-4-13-last-drop-before-the-bitcoin-halving-rally/" rel="noopener noreferrer nofollow">Crypto Price Prediction 4/13: Last Drop Before the Bitcoin Halving Rally?</a>
<h2 id="b-106m-worth-of-eth-hits-exchanges-during-market-dip-b">$106M Worth of ETH Hits Exchanges During Market Dip</h2>
Lookonchain, the on-chain data tracker reported that during a market dip, four significant Ethereum stakeholders have collectively moved 31,683 ETH to exchanges, a sum equating to approximately $106 million.&nbsp;
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 During the market drop, 4 whales/institutions dumped 31,683 <a href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$ETH</a>($106M).
 Cumberland deposited 17,206 <a href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$ETH</a>($57.3M) to exchanges.<a href="https://t.co/ll57RHO7aa" rel="noopener noreferrer nofollow">https://t.co/ll57RHO7aa</a>
 0xC3f8 deposited 7,976 <a href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$ETH</a>($26.6M) to <a href="https://twitter.com/hashtag/Binance?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Binance</a>.<a href="https://t.co/mgz1QINAiI" rel="noopener noreferrer nofollow">https://t.co/mgz1QINAiI</a>
 0x1717 deposited 4,000 <a href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$ETH</a>($13.32M) to exchanges.… <a href="https://t.co/1NqtJ5eSZV" rel="noopener noreferrer nofollow">pic.twitter.com/1NqtJ5eSZV</a>
 — Lookonchain (@lookonchain) <a href="https://twitter.com/lookonchain/status/1779036464791351741?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">April 13, 2024</a>
</blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
The transactions saw Cumberland depositing 17,206 ETH; another entity, associated with the wallet address starting with 0xc3f8, sent 7,976 ETH to Binance; the wallet beginning with 0x1717 moved 4,000 ETH; and Alameda Research transferred 2,500 ETH to Binance. This considerable movement of funds is causing a stir in the crypto community amid market correction.
A breakdown below $3100 will favor sellers to lead to a prolonged downfall.
<h2 id="span-style-font-weight-400-technical-indicator-span">Technical Indicator</h2>
<ul>
 <li aria-level="1">Exponential Moving Average: the trend-defining 100-day <a href="https://coingape.com/education/exponential-moving-average-how-to-leverage-it-in-crypto-market/" rel="noopener noreferrer nofollow">EMA</a> has acted as a dynamic support for investors during major corrections.</li>
 <li aria-level="1">Relative Strength Index: The daily <a href="https://coingape.com/glossary/rsi-relative-strength-index/" rel="noopener noreferrer nofollow">RSI</a>(80%) slope waving around the mid-line reflects an indecisive sentiment among market participants.</li>
</ul>
The post <a href="https://coingape.com/markets/ethereum-price-demand-at-38-2-fib-market-sell-off/" rel="noopener noreferrer nofollow">Ethereum Price Finds Demand at 38.2% FIB Amid Market Sell-off; Buy this Dip?</a> appeared first on <a href="https://coingape.com" rel="noopener noreferrer nofollow">CoinGape</a>.

Ethereum Price Finds Demand at 38.2% FIB Amid Market Sell-off; Buy this Dip?

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